US Pro-Crypto Super PAC Fairshack Raises $25M From Andreessen Horowitz
Fortune continues to smile on U.S. pro-crypto super political action committee (PAC) Fairshake, with its second major cash contribution in two days. A16z Managing Partner announced on May 30 that Andreessen Horowitz's crypto and Web3 venture funds have committed $25 million to Fairshack and its affiliates, PACs that protect American jobs and growth.
Andreessen Horowitz is practically running nose-to-nose with Ripple, contributing $25 million on May 29 to bring his total funding to $50 million this year and 2023. Dixon tweeted. he said:
“This contribution will be used to support Fairshake's bipartisan mission to promote America's entrepreneurs, along with other members of the industry, and recognize the importance of clear rules of the road for digital assets.”
Related: Crypto users can ‘make a difference in upcoming election' in US – CoinFlip CEO
Bipartisanship was the key word for the crypto industry as November's US election saw Democratic support.
Venture capital becomes political.
Andreessen Horowitz announced his entry into the political arena in December when he pledged to support pro-crypto and pro-AI candidates in the election. According to 16z co-founder Ben Horowitz, venture capitalists believe that “high-quality regulation will allow the industry to thrive while protecting consumers.”
Andreessen Horowitz In 2013, he invested at least $7.6 billion in Coinbase.
Fairshack is ready to act.
Fairshack still has most of his contributions in hand. According to the non-profit organization Open Secret. As of May 29, it has spent $11.3 million. Bloomberg reports that the organization has raised $135 million in donations. His biggest expenditure by far, at $10 million, was on negative advertising targeting Democratic candidates.
Most or all of that money will go toward defeating U.S. Rep. Katie Porter, who is running for the California Senate seat. The Sacramento Bee said the ad campaign against her was “mostly false.”
Observers are waiting to see if the super PAC will support crypto advocate John Deaton in his Senate race against vocal crypto opponent Elizabeth Warren in Massachusetts.
FairShack spokesman Josh Vlasto confirmed the May 29 Ripple and May 30 a16z contributions to Cointelegraph, but declined to comment further.
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